Thomas Cook in profit for first time in five years

Profit after tax for year to September 30 is €26.9 million
Solid bookings in northern Europe have helped push full-year earnings at Thomas Cook Group back into positive territory for the first time in five years.
Profit after tax for the 12 months to September 30 at the London-based operator giant was 19 million pounds (€26.9 million), compared with a 115 million pound loss for the previous year. Underlying earnings before interest and taxes fell 4% to 310 million pounds.
“Despite turbulence in some of our destinations, the underlying business performed in line with our plans at the start of the year, demonstrating its greater resilience,” the company’s chief executive officer since last November, Peter Fankhauser, said.
Fankhauser is continuing to push ahead with cost cuts and restructuring launched by his predecessor Harriet Green, following an emergency bank loan and near-bankruptcy in 2011. However, plans to boost online bookings and add product lines are behind schedule.
Fankhauser says the new fiscal year is off to a “good start” with “encouraging” bookings in northern Europe and the UK for the winter and summer travel ahead.Bloomberg

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